Who needs Motor Trade Combined Insurance ?
Motor Trade Combined Insurance can be used by a wide range of businesses in the Motor Trade sector who operate from premises. These include MOT centres, Bodyshops, Servicing and Repair Garages and Vehicle Sales Businesses.
For businesses operating in the vehicle trade, a Motor Traders Combined insurance policy can be a convenient way of covering off all aspects of your business insurance needs. Working with a broker, the policy can be tailored to fit your specific needs, ensuring good value, adequate protection, without paying for cover you may not need.
At Buckingham Insurance, we offer a free insurance assessment and audit before we quote. Typically, we like to come and visit a business, get a full understanding of the way it’s operated as well as reviewing any pre existing covers before making recommendations.
What is Motor Trade Combined Insurance ?
Any business operating in the motor trade will have clients’ vehicles coming under the ‘care, custody and control’ of staff. Whether you need to take a vehicle out for diagnostics or to test a repair, or simply collect a vehicle so you can service and MOT it and return it to the customer you will need cover to take a vehicle out on the road. Similarly, you may need insurance in place to allow a would be purchaser to test drive a vehicle that you have for sale. You may also need cover for staff to drive your vehicles whether that be the van to pick up a part right through to the recovery truck to collect a clients broken down vehicle.
You may also wish to include insurance for your premises. requirements can vary so widely, there’s a vast number of insurer and policy options available. It can become quite overwhelming for anyone looking to buy the right Motor Trade Combined policy – and of course you should shop around and get a number of quotes from different insurers. At Buckingham Insurance, we have an work with over 80 insurer partners. Combined with our own advisors knowledge of the market, we can take some of the work away from you, and get a range of quotes from different insurers and even help you compare the covers available with an expert insight.
Amongst the covers provided can be such things as cover for
- Your Buildings
- Plant and Machinery – such as Ramps. Compressors, Diagnostic Equipment, Rolling Roads etc
- Public Liability – for example a customer trips whilst on your premises and breaks his leg, you are found to be negligent because he/she tripped over a hazard in a public area
- Products Liability sometimes referred to as Service Indemnity – this covers you in the event that some work you have undertaken has been defective and leads to your customers suffering a loss as a result
- Business Interruption – if you are unable to trade as a result of a fire at your premises cover can be arranged for the lost profit for example
- Engineering – Your plant and machinery may require a statutory inspection
As part of any review of your Insurance we will ensure that we offer you a policy that is fit for purpose. Motor Trade Combined Insurance can look very different to different business models and we will make sure we not only understand what you need to cover but also make sure that you are insured to do the work on the vehicles that you think you are.
You might also want to think about the type of vehicles you want to cover, you may not just work with cars and vans, you may work with HGV’s, Agricultural Vehicles such as tractors, Modified and Converted Vehicles like Camper Vans etc – it’s not just about the different covers and specialist vehicle cover for the aforementioned is not automatically included.
The most important thing when arranging a Motor Trade Combined Policy is to find a policy that suits you and your business activities and is flexible enough to grow with you. An experienced broker can help you think about what kind of risks and activities you want to be insured against and may anticipate areas of vulnerability that might not have occurred to you.
Insurance Brokers on 01246 575 625 and a member of our team will be able to answer any questions you may have and advise you on the appropriate Insurance for you.